July 18

Viewpoint: The World Bank Is Failing on Climate Change


The World Bank, the world’s largest international development organization, has long faced criticism for a host of perceived shortcomings, including imposing coercive conditions on its loans to developing countries, instituting insufficient environmental safeguards in its projects, and failing to properly consult civil society in the countries where it operates. Lately, however, it has also come under fire for not mobilizing the necessary funds to help developing countries tackle climate change. In February, U.S. Treasury Secretary Janet Yellen called for “the evolution of the World Bank” in response to global challenges such as climate change. The Maldives environment minister, meanwhile, was especially blunt when he insisted last year that “the World Bank needs a fundamental shift” to fight climate change. And a senior UN official memorably accused the bank in 2021 of “fiddling while the developing world burns.” The World Bank, in the view of its critics, needs fixing, and fast.

Photo courtesy of Eberhard.

Source: Foreign Affairs (link opens in a new window)

climate change, climate finance, forests, global development, infrastructure, SDGs